I’m sure you’ve heard of the Pareto Principle, also known as the “80/20 Rule”
This is a powerful and underestimated concept that you can apply to your practice right now. I promise you, that by implementing this today, you can instantly finish your workdays earlier, with higher production and happier patients.
The best part is that you don’t need to buy anything or use any fancy software to boost your bottom line and take home more profits in your practice…TODAY!
The legendary Yogi Berra once stated:
“Baseball is 90% mental.
The other half is physical.“
He also stated:
“You give 100% in the first half of the game, and if that isn’t
enough in the second half, you give what’s left.“
This means that 90% of the challenges you face as a practice owner are mental, and when you overcome them, everything becomes MUCH EASIER to deal with. Yes, you are an entrepreneur, which means there will be a constant stream of problems coming your way. They just never stop, right? Once you accept this, your burdens become much lighter and you better learn how to deal with them on a weekly basis and surround yourself with the right people to overcome them one at a time…
Now back to the 80/20 rule…
Sports trainer and success coach Matt Furey says, “20% of becoming successful is knowing what to do and how to do it, the remaining 80% is knowing how to conquer fear and self-doubt.”
I’m willing to bet that 20% of your team members get 80% of the results in your office. You know who they are! I’d also bet that 80% of your problems come from your most difficult team members and/or patients.
So what are you hanging on to them for? There are no hard feelings but release them back into the economy right away so they can find a better home and part on good terms. So again I ask, what are you waiting for? You are doing them just as much disservice by being fooled into thinking your working relationship is a good fit. It just isn’t!
Now, a simple exercise. Run a report in your PMS (practice management software), sorted by ranking patients who have paid you most to least by their account status.
If you have 1000 active patients, I’m willing to bet that there are about 100-250 patients who have paid you significantly more over their time as a patient with you than the rest of your patient base. So who do you think values your treatment most? THESE PATIENTS who are significantly more committed to their oral health certainly do.
Now, what I want you to do this week is to write 5 or 10 of these patients a thank you note or letter, letting them know you are here for them now and in the future, as well as for their friends and family who need a second option or have a toothache. No form letter or postcards, just a handwritten thank you note straight from you. Ask your team members to write 5 or 10 each to this same list so you can get a bunch of these out this week.
Your cost? $100-$250 including postage. Your return on investment? Priceless really (thank you MasterCard commercials!), but in the short term, just 1 referral from this exercise for one patient needing a crown could give you a 5:1, 10:1, or even a 15:1 return on investment.
I don’t care how well the stock market is doing right now, that is one solid ROI that is hard to get anywhere else.
So what are you waiting for? Get to work today and make it happen. Most importantly, don’t forget to thank the patient(s) who send you the referral afterward with another thank you card, a small gift, or phone call. Be sincere with these (YOUR BEST) patients and never forget them, they are probably paying 80% of your take-home pay, as well as 80% of your payroll and office expenses.
If you would like to receive a free, 30-minute practice growth consultation, as well as a free chapter from my new book: The Owner’s Guide to a Productive Dental Practice: 7 Pillars Every Dentist Needs to Grow in the New Economy, simply send me an email at firstname.lastname@example.org and put “FF Free Growth Consultation” in the subject line and we’ll send you some available times to speak.